In this day and age, sustainability is essential to the success of any business or enterprise. Has it been on your mind? Well the time is ripe for pausing to reflect to find out if incorporating sustainability into your business model might drastically improve your success rate. Here are some questions to ask yourself and explore through analysis if the answer is, YES.
“Is it the right thing to do?”
“Is it the financially rewarding thing to do?”
“Will bad things happen if we don’t do it?”
The Ultimate 10 “Whys” of Sustainability
To best answer these 3 “Whys” regarding sustainability, the Ultimate 10 “Whys” identified by Bob Willard author, speaker, and founder of Sustainability Advantage, must be explored.
- Purpose activation: Will our company purpose, mission, and values be achieved if we improve our sustainability performance?
- Revenue growth: How much will our revenue grow if we improve our sustainability performance?
- Expense savings: How much will our carbon, energy, materials, water, waste, and other expenses be reduced if we improve our sustainability performance?
- Employee hiring and retention savings: How will employee hiring and retention expenses be reduced if we improve our sustainability performance?
- Employee productivity and engagement: How will employee productivity and engagement be improved if we improve our sustainability performance?
- Bottom-line profit improvement: How much will our profit improve if we improve our sustainability performance?
- ROI strength: Will the ROI meet our normal hurdle rate and payback period norms and by compelling enough to choose the sustainability initiatives ahead of other projects?
- Balance sheet strength: Will the company balance sheet be improved if we improve our sustainability performance?
- Stock market performance: Will company market valuation be improved if we improve our sustainability performance?
- Risk avoidance: What will the financial risks will we incur if we don’t improve our sustainability performance?
On the journey towards sustainability, these questions are a resource to guide you towards building a more sustainable business venture. They will assist in the monetized assessment of all potential tangible and intangible benefit areas for each sustainability initiative and clarify how to best take the first step. Business entrepreneurs face so many unknowns in this world, from changes in staffing, fluctuations in the economy to social and political upheaval in parts of the world. Sustainability can be the framework to build and grow a business that is adaptable and resilient as well as one that not only generates profit but benefits people and the planet.
So what are you waiting for? Take advantage of this resource and go forth with making change for the “good of business.”
Source: Sustainable Brands